SAKU ÕLLETEHAS

CASH FLOW STATEMENT



PARENT COMPANY CASH FLOW STATEMENT, 9M 2000



in thousand EEK

                                        Parent**  Parent**  Parent  Parent

                                         Jan-Sep   Jan-Sep

                                            2000      1999    1999    1998



Profit before taxes                       63,380    69,135  75,915  56,340

Income tax                                         -16,081 -15,020 -12,643

Depreciation                              27,692    22,743  30,852  25,458

Loss from sales and write-

offs of fixed assets                         -91       -37     -86    -120

Expenses incurred by

revaluation of shares in Saku

Keldri OÜ under equity method                                  114

Total                                     90,981    75,760  91,775  69,035

Change in the value of the                 1,069    -4,841  -3,091     -59

financial investments:

incl. change in the value of               1,069    -6,763  -5,021

the short-term financial investments

change in the value of the                           1,922   1,930     -59

long-term financial investments

Change in inventories                    -24,572    -8,176  -5,049 -13,892

Change in trade receivables               23,167    17,571     -61 -10,740

Change in current liabilities              2,581     9,055   3,249  13,398

Total                                      2,245    13,609  -4,952 -11,293

Net cash from operating                   93,226    89,369  86,823  57,742

activities



Investing activitiess

Acquisition of fixed assets              -64,274   -42,787 -51,644 -47,584

Sales of fixed assets at                     395       385     654     722

sales prices

Acquisition of shares                     -1,950                      -100

Acquisition of bonds                      -3,300

Income from liquidation of

subsidiaries                                                   200

Repayment of loans issued                     47       531     541      42

Net cash used in investing               -69,082   -41,871 -50,249 -46,920

activities



Financing activities

Dividends paid                           -40,000   -32,000 -32,000 -16,000

Income tax paid on dividends              -4,625

Net cash used in financing               -44,625   -32,000 -32,000 -16,000

activities

Total cash flows                         -20,481    15,498   4,574  -5,178



Cash, opening balance                     28,134    23,560  23,560  28,738

Cash, closing balance                      7,653    39,058  28,134  23,560

Net change in cash                       -20,481    15,498   4,574  -5,178



** - unaudited





Ruth Roht

Public Relations Manager

+372 6 508 303